December 31, | ||||||||||||
(Millions of dollars) | 2013 | 2012 | 2011 | |||||||||
Assets: | ||||||||||||
Deferred and refundable income taxes | $ | 877 | $ | 979 | $ | 1,044 | ||||||
Noncurrent deferred and refundable income taxes | 456 | 1,863 | 2,005 | |||||||||
1,333 | 2,842 | 3,049 | ||||||||||
Liabilities: | ||||||||||||
Other current liabilities | 86 | 66 | 69 | |||||||||
Other liabilities | 447 | 484 | 559 | |||||||||
Deferred income taxes—net | $ | 800 | $ | 2,292 | $ | 2,421 | ||||||
Deferred income tax assets and liabilities: | ||||||||||||
December 31, | ||||||||||||
(Millions of dollars) | 2013 | 2012 | 2011 | |||||||||
Deferred income tax assets: | ||||||||||||
Pension | $ | 903 | $ | 2,100 | $ | 2,130 | ||||||
Postemployment benefits other than pensions | 1,435 | 1,678 | 1,622 | |||||||||
Tax carryforwards | 760 | 663 | 821 | |||||||||
Warranty reserves | 313 | 358 | 338 | |||||||||
Stock-based compensation | 320 | 281 | 232 | |||||||||
Inventory | 112 | 195 | 148 | |||||||||
Allowance for credit losses | 184 | 170 | 131 | |||||||||
Post sale discounts | 146 | 141 | 141 | |||||||||
Deferred compensation | 126 | 110 | 102 | |||||||||
Other—net | 524 | 491 | 537 | |||||||||
4,823 | 6,187 | 6,202 | ||||||||||
Deferred income tax liabilities: | ||||||||||||
Capital and intangible assets | (2,815 | ) | (2,759 | ) | (2,866 | ) | ||||||
Bond discount | (240 | ) | (249 | ) | (37 | ) | ||||||
Translation | (133 | ) | (173 | ) | (193 | ) | ||||||
Undistributed profits of non-U.S. subsidiaries | (90 | ) | (128 | ) | (215 | ) | ||||||
(3,278 | ) | (3,309 | ) | (3,311 | ) | |||||||
Valuation allowance for deferred tax assets | (745 | ) | (586 | ) | (470 | ) | ||||||
Deferred income taxes—net | $ | 800 | $ | 2,292 | $ | 2,421 | ||||||